JIFIX International Value Fund

Defensive-minded specialists aiming to identify undervalued international opportunities

NAV
$10.05
As of 10/17/2019

1 Day Change
$0.04 (0.40%)
As of 10/17/2019

YTD Return
10.08%
As of 10/17/2019

Morningstar Rating

As of 09/30/2019

Overview

ABOUT THIS FUND

As defensive value specialists, we look to invest in high-quality companies with strong management teams, stable balance sheets, and durable competitive advantages that are trading at attractive valuations. We seek to achieve excess returns over full market cycles, with less risk than our benchmark and peers as measured by standard deviation, beta and down market capture.

WHY INVEST IN THIS FUND

Attractive Reward/Risk
Our disciplined valuation process measures downside risk before upside potential and invests in securities with favorable reward/risk ratios.

High-Conviction Process
The portfolio typically holds between 60 to 90 stocks with business fundamentals considered more important than fluctuations in the wider economy.

Different Than the Benchmark
The benchmark is not used as a starting point for portfolio construction, which should lead to high active share.

Knowledge. Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions.

We call this ethos Knowledge. Shared.

PORTFOLIO MANAGEMENT

Gregory Kolb, CFA

Chief Investment Officer | Portfolio Manager

Industry since 1998. Joined Firm in 2010.

George Maglares

Portfolio Manager | Research Analyst

Industry since 2004. Joined Firm in 2013.

Performance

RETURNS (%) (As of 09/30/2019)
International Value Fund - Class I Shares MSCI EAFE® Index MSCI All Country World ex-U.S. Index℠
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(04/01/2013)
International Value Fund - Class I Shares -1.50% 7.67% -4.03% 3.32% 1.82% - 3.76%
MSCI EAFE® Index -1.07% 12.80% -1.34% 6.48% 3.27% 4.90% 4.83%
MSCI All Country World ex-U.S. Index℠ -1.80% 11.56% -1.23% 6.33% 2.90% 4.45% 4.06%
RETURNS (%) (As of 09/30/2019)
International Value Fund - Class I Shares MSCI EAFE® Index MSCI All Country World ex-U.S. Index℠
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(04/01/2013)
International Value Fund - Class I Shares -1.50% 7.67% -4.03% 3.32% 1.82% - 3.76%
MSCI EAFE® Index -1.07% 12.80% -1.34% 6.48% 3.27% 4.90% 4.83%
MSCI All Country World ex-U.S. Index℠ -1.80% 11.56% -1.23% 6.33% 2.90% 4.45% 4.06%
CALENDAR YEAR RETURNS (%)
International Value Fund - Class I Shares MSCI EAFE® Index
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
International Value Fund - Class I Shares - - - - - -3.36 -0.79 0.62 22.85 -13.40
MSCI EAFE® Index - - - - - -4.90 -0.81 1.00 25.03 -13.79

MORNINGSTAR PERCENTILE

(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 37 74 28 - 32
Foreign Large Value Category|Rank/Count 94/348 201/328 82/296 -/- 86/283
(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 37 74 28 - 32
Foreign Large Value Category|Rank/Count 94/348 201/328 82/296 -/- 86/283
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 09/30/2019 Class I Shares)

Risk / Reward
vs. MSCI EAFE® Index
3YR 5YR
Information Ratio -1.06 -0.36
Alpha -2.25 -0.79
Tracking Error 3.00 3.98
Beta 0.87 0.78
R-squared (%) 92.99 91.41
Up And Down Market Capture (%)
vs. MSCI EAFE® Index
3YR 5YR
Up Capture Ratio 80.53 77.34
Down Capture Ratio 96.90 84.69
Standard Deviation 3YR 5YR
International Value Fund 10.04 9.98
MSCI EAFE® Index 11.07 12.24
Sharpe Ratio 3YR 5YR
International Value Fund 0.18 0.09
MSCI EAFE® Index 0.45 0.19
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2018)
CLASS I SHARES
Management Fees 0.80%
12b-1 Fees -
Other Expenses 0.60%
Total Gross Expenses 1.40%
Waivers -0.43%
Total Net Expenses 0.97%

Portfolio

Index represents the MSCI EAFE® Index.

(As of 09/30/2019)
% of Fund
Sanofi 4.56
Roche Holding AG 4.48
BAE Systems PLC 3.56
Novartis AG 3.39
GlaxoSmithKline PLC 3.25
Nestle SA 3.10
Orkla ASA 3.02
Singapore Telecommunications Ltd 3.01
Danone SA 2.99
Honda Motor Co Ltd 2.65
Total: 34.01
View full holdings
Portfolio Characteristics (As of 09/30/2019)
  FUND INDEX
Number of Holdings
Equity Issues
66 923
Market Capitalization
Weighted Average
$63.87B $63.87B
Portfolio Turnover Rate
(1-year trailing)
13.00% -
Price/Earnings Ratio
(1-year forward)
15.38 18.07
Price/Book Ratio
(1-year forward)
1.76 2.36
Earnings Growth Rate
(1-year forward)
3.46% 5.06%

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 09/30/2019)
Health Care 17.46 11.59
Industrials 16.71 14.73
Consumer Staples 16.40 12.00
Consumer Discretionary 11.19 11.49
Communication Services 9.29 5.36
Materials 6.77 7.00
Financials 4.99 18.57
Energy 3.61 5.13
Real Estate 3.07 3.60
Information Technology 2.90 6.74
Utilities 1.17 3.79
Cash & Equivalents 6.44 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 09/30/2019)
Europe 60.21 62.41
Japan 15.69 24.56
Asia/Pacific Ex Japan 12.31 12.30
North America 4.63 0.16
Latin America 0.72 -
Cash & Equivalents 6.44 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 09/30/2019)
Over $100B 21.80 19.18
$50B to $100B 8.61 20.25
$10B to $50B 31.27 45.29
$5B to $10B 8.22 11.62
$1B to $5B 16.15 3.04
$500M to $1B 3.30
$250M to $500M 2.89
$100M to $250M 1.21
Under $100M 0.11
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 09/30/2019)
Non-U.S. Developed 85.38 99.58
Non-U.S. Emerging 6.82 0.26
U.S. 1.36 0.16
Cash & Equivalents 6.44 -

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